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Quess acquires residual 30% stake in Conneqt from Tata Sons
New Delhi, April 16 - Quess Corp has announced the acquisition of the remaining 30 per cent stake in Conneqt Business Solutions Ltd for Rs 208 crore, pursuant to the 'put option' notice by Tata Sons Pvt Ltd.
In a statement Quess said that with this transaction, Conneqt will become its wholly owned subsidiary.
Quess had acquired 51 per cent of Conneqt in November 2017 and further increased its stake in Conneqt from 51 per cent to 70 per cent in May 2019 through infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Limited.
Conneqt, is a CLM (customer lifecycle management) and BPM (business process management) services provider in India and operates over 21 delivery centres with over 29,000 employees.
The statement said that the combined strength of Conneqt and Allsec provides Quess a substantial base to expand its CLM and BPM capabilities with greater emphasis on digital services and international expansion.
Full ownership of Conneqt will enable Quess to optimally realise synergies between various divisions of Quess, Conneqt and Allsec, accelerating its growth in the IT and ITeS space, it added.
Suraj Moraje, Group CEO and Managing Director of Quess Corp, said: "Conneqt has performed remarkably since we acquired it in 2017, with significant milestones achieved in terms of robust revenue CAGR, NPS improvement and reduction of top 10 customer exposure. The consolidation of our holding in Conneqt is an affirmation of our continued commitment to Conneqt, its employees and customers."
"This will further accelerate Conneqt's transition to non-voice services as the business benefits from the triple tailwinds of virtualisation, digitisation, and automation while providing more opportunities to realize synergies with Quess. We thank the Tata Group for the fruitful and enjoyable partnership to date," the CEO said.
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